The information contained within this announcement is deemed by the Company to constitute inside information for the purposes of Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310. Upon the publication of this announcement via a Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.

17 July 2024

Panthera Resources Plc

("Panthera" or "the Company")

Bido Drilling Programme

Gold exploration and development company Panthera Resources Plc (AIM:PAT), with gold assets in West Africa and India, is pleased to advise that the Company has commenced a drilling programme on the Bido Project in Burkina Faso (Drilling Programme).

Highlights

·        Programme comprises 2000 metres of reverse circulation ("RC") drilling

·        Targeting coincident geochemical and geophysical anomalies on the Beredo-Kiekouyou prospect

·        Northern drill fence testing the Bido vein, a quartz vein with current orpailleurs activity to 30 metre depths

·        Central drill fence of holes is targeting a valley between two hills with evidence of past eluvial mining activity along strike to exposed quartz veining

·        Southern drill fence will test an exposed quartz vein that returned anomalously high gold values from the systematic rock and soil sampling programmes

Mark Bolton, Managing Director of Panthera, commented:

"The Bido Project is an exciting gold prospect for the Company that is maturing as gold prices push through US$2400 per ounce.  The Company has been actively exploring the licence for several years culminating in a focused drilling campaign.  The three drill fences will test targets selected by their coincident geophysics, visible quartz veining and orpailleurs activity.

As previously reported, the Company continues to advance the potential restructuring of its interest in its West African gold assets inclusive of funding for both this drilling programme and advancing these assets going forward."

About the Bido Project

The Company has now completed the earn-in obligations at Bido in Burkina Faso and now owns an 80% interest in the project. The Company may acquire the remaining 20% by expenditure of a further US$1,000,000 on exploration and development within two years, subject to the vendor's rights of a buy-back right of 1% interest in the Tenements and Associated Rights for the price of US$1,000,000. A royalty will be payable to the vendor on all minerals produced by exercise of rights under the tenements which shall be calculated at the rate of 1% of the net smelter returns (NSR) on all minerals extracted from the properties pursuant to the tenements, inclusive of any withholding tax (if any) payable in respect of those royalties and shall be paid quarterly. Payments via the NSR will be capped at US$3 million in total.

The Bido permit in Burkina Faso (Figure 1) is located some 125km WSW of the capital Ouagadougou. The tenement lies within the Boromo greenstone belt which is principally composed of Paleoproterozoic Birimian terrain within the West African Man Craton.  This belt also hosts the Poura gold deposit (1 to 2 Moz), situated about 50 km to the SSW of the area, as well as numerous gold occurrences. The Perkoa VMS deposit is located about 35 km to the north of the area.

The Beredo-Kiekouyou Prospect (Figure 2) was originally identified from an analysis of historical data where a 2km by 2km anomaly with greater than 50 ppb gold in soil anomaly was identified, that work included more than 80 samples (5%) that returned results greater than 100 ppb Au. The company targeted the prospect and completed a geophysical survey (RNS 12/10/2022), over the Beredo-Kiekouyou and the Somika areas. That work targeted this recently identified volcanic centre (identified from a Remote Sensing Spectral Study conducted by the company), where analysis indicates multiple targets including strong/moderate IP axes defined from interpreted resistive and conductive structures defined by the IP survey are coincident with mapped vein structures, gold in rock samples and artisanal workings. Geological mapping and sampling of outcrop and veins and interpretation of the database identified the drill targets to be tested in this round of exploration drilling.

Fig 1: West African Projects Location Plan

Figure 2: Bido Project Prospects and Geophysical Survey Grid Locations

Drilling Programme

The proposal is to drill a total of 48 shallow reverse circulation (RC) drill holes along three drill traverses (drill fences), totalling 2,000 m that will target geochemical and geophysical anomalies at the Beredo-Kiekouyou prospect.

Specifically, the targets include areas of alteration and stockwork veining interpreted from surface mapping, geochemical sampling and geophysical interpretation. The plan is designed to increase coverage in the shallow sub-surface zones within each of the targets by drilling fences of inclined, 40 m deep overlapping holes.

The northern drill fence of holes will test a combination of surface expressed quartz vein (Bido vein), IP chargeability and IP high resistivity as long as an area with current orpailleur (Photo 1) activities consisting with eluvial workings and shallow shafts (0 to 30 m). In this area gold in rock sampling of the outcropping mineralised vein systems that were coincident with the strong geophysical anomalies returned assays including 42.2g/t Au, 20.0 g/t Au, 13.6 g/t Au, 13.4 g/t Au and 10.9 g/t Au (reported in the Company's announcement released on 12 October 2023.

The central drill fence of holes is targeting both IP chargeability and IP high resistivity anomalies that may indicate zones of rock alteration with bulk mineralisation potential. The drill fence traverses a valley between two hills where evidence of past eluvial workings is visible in the field (Photo 2) and where several good gold occurrences aligned along the strike direction of exposed quartz veining have been identified in the geochemical sampling programs.

The southern drill fence of holes will test an exposed quartz vein that returned occurrences of high gold content in systematic rock and soil sampling programmes and is along strike and coincident to an IP high resistivity anomaly. The target is also the intersection of structures identified in satellite imagery and in the geophysical data that trend NNW-SSE and NNE-SSW, and as such may be a focal point of structural preparation that may host rock alteration with bulk mineralisation potential.

Contacts

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Qualified Persons

The technical information contained in this disclosure has been read and approved by Ian S Cooper (BSc, ARSM, FAusIMM, FGS), who is a qualified geologist and acts as the Qualified Person under the AIM Rules - Note for Mining and Oil & Gas Companies.  Mr Cooper is a geological consultant to Panthera Resources PLC.

Glossary 

Forward-looking Statements

This news release contains forward-looking statements that are based on the Company's current expectations and estimates. Forward-looking statements are frequently characterised by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Such factors include, among others: the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; possible variations in ore grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing; and fluctuations in metal prices. There may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly, undue reliance should not be put on such statements due to the inherent uncertainty therein.

**ENDS**